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China moving closer to open capital account

08-05-2010 08:35 BJT

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A flurry of commentary on yuan reform by senior central bank officials, suggests that China is moving closer to opening its capital account.

The People's bank of China deputy governor Hu Xiaolian published five articles and gave one interview in the past two weeks.

Another deputy governor, Yi Gang, the chief currency regulator, also spoke on the issue to local media.

The China Securities Journal quoted an official from the State Administration of Foreign Exchange, saying the frequent articles aim to relieve pressure at home and help the market fully understand exchange rate reform and stabilise expectations.

Although officials said there is no timetable to make the yuan fully convertible, the China Securities Journal cited officials and analysts as saying the flurry of articles suggested that the roadmap of yuan reform had been clarified with full convertibility as the ultimate goal.

It says China is heading in that direction, by easing restrictions on foreign exchange business and promoting the yuan's international status by permitting more overseas trade to be settled in the Chinese currency.

The People's Bank of China announced on June 19th that it would further reform China's exchange rate mechanism, aiming to increase the flexibility of the yuan. The central bank fixed the yuan's daily mid-point at 6.7715 versus the dollar on Wednesday, the reference rate's highest since the Chinese currency's revaluation.

Editor:Xiong Qu |Source: CNTV.CN

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